The number of retirees opting for income drawdown has more than trebled since the introduction of pension freedoms, new figures show.

The Financial Conduct Authority has identified a number of pension areas where ‘intervention’ may be necessary following the introduction of the pension freedoms in April 2015.

Research into the under-35s has revealed widespread ignorance of the pensions freedoms, two years on from the changes, with 7m saying they know “nothing” about the pension revolution.

The introduction of the pension freedoms two years ago has resulted in profound changes to retirement planning with the number of people consulting a Financial Planner or financial adviser doubling in two years, according to new research.